They’ve been taking out the small fry for months; now they’re going after the big boys. From Wolf Richter at wolfstreet.com:
The Nasdaq fell 2.6% today and is now again down over 20% from its peak last November. A lot of stocks got hammered today. But it was the giants that stole the spotlight. They’re now letting go.
Hundreds of stocks have plunged since February 2021, one after the other, the most-hyped stocks taken out the back and shot, down 70%, 80%, and even over 90%, often just months after they started trading as a public company. I’ve document some of them in my Imploded Stocks column.